Financial Services company IIFL Finance announced Q2FY24 results: For Q2FY24, the company reported a net profit after tax of Rs 526 crore (before non-controlling interest) up 32% YoY. Profit before tax (PBT) for Q2FY24 was Rs 684 up 29% YoY. Loan growth in core products was robust – Gold loans and Home loans AUM grew by 33% and 22% YoY respectively. Microfinance grew by 67% while Digital loans and loans against property grew by 77% and 21% YoY respectively. Overall core loan portfolio grew by 34% YoY. The company’s annualized ROE and ROA for Q2FY24 stood at 20.1% and 3.9% respectively. Pre-provision operating profit stood at Rs 922 crore for the quarter up 41% YoY. Average borrowing costs for the quarter increased 40 bps YoY and are down by 6 bps QoQ to 9.0%. Nirmal Jain, Founder, IIFL Finance, remarked on the financial results, “The financial results for the quarter vindicate our strategy focused on retail loans to relatively under-banked customer segments and in credit under-penetrated geographies. We have been at the forefront of digital technology and are very excited to see the unprecedented opportunities emerging from the digital infrastructure our country has put in place and advancements in machine learning and artificial intelligence. We are at the cusp of revolutionary changes in the lending ecosystem. We are making the requisite investments in human and technology resources to tap the potential of retail lending in India." Kapish Jain, President & Group Chief Financial Officer, IIFL Finance, commented on the financial results, “With increasing market share we are firmly positioning ourselves as a dominant player in most of the core retail segments we operate in. With growth, we continue to gain benefits of scale both in our sales team and business operations thus reducing our operating expense to average AUM." Result PDF